Insurance Claim Representation for Tennessee Commercial Property Owners and Tenants
Helping businesses get full compensation for their losses throughout the Southeast and Midwest
Businesses of every type have a special urgency when they suffer damage to their property or operations. In addition to needing prompt payment for structural and property damage, equipment and professional tools usually need to be repaired or replaced. Inventory will often need to be reproduced or replaced. Customer lists may need to be regenerated. Delays in reopening can cost an organization dearly, from income to customer goodwill. What businesses need most is for insurance companies to honor their policies and make prompt and full payment for the value of the covered loss – on time and without a fight.
The commercial insurance dispute lawyers at McWherter Scott & Bobbitt have more than three decades of combined experience advocating for policyholders in Tennessee and throughout the Southeast and Midwest who suffer commercial losses. We understand how to prove why your claim should be covered by your commercial insurance policy and ensure you receive payment for your damages. Our Tennessee-based lawyers work with experts to make sure all property and business losses are valued properly.
Common commercial property damage claims across the Southeast and Midwest
Commercial business insurance policies should cover things like:
- Structural improvements
- Investment properties
- Inventory
- Business income loss
- Multi-Family dwellings such as apartments, condos and hotels
- Agricultural and industrial facilities
- Warehouses and storage buildings
- Online companies
Commercial property damage claims include some of the same principles as residential property damage claims. Other insurance policy claims, however, are unique to the commercial sector. Our Tennessee insurance attorneys have the skills to get just compensation for all types of commercial insurance claims. We work with experts in a broad range of commercial services and business sectors.
Some of the more common claims McWherter Scott & Bobbitt handle include the following.
Property (Structural and Contents) damage
Damage can occur to commercial property due to fire, hail, wind, smoke, char, ash, electrical or plumbing failure, theft, vandalism, and countless other perils. The type of damage can include structural loss to the building, the roof, the walls, the plumbing, and electrical systems. The personal property of the business can also be damaged as a result of the covered peril and may need repairing or replacing. Commercial property damage includes damage to the whole building and damage to the individual units in the building. There may be different insurance policies at play, depending on whether the business owns or leases the building. There may be disputes about responsibility for common areas. Our Tennessee commercial insurance attorneys are prepared to help you navigate this maze of difficult issues.
Business interruption
Damage to commercial property will often mean the business cannot operate until the repairs are complete or until a replacement business site can be found. Companies who lose income due to the interruption of their business should have business interruption insurance, also known as loss of business income coverage. Our firm is ready to assist commercial clients with all of their business interruption claims. Business interruption costs include fixed costs such as mortgages, insurance, and payroll. It also includes lost profits and rents because the business can’t operate. Business interruption should also include payroll costs.
Off-site damages
If damage occurs to property that is held offsite, such as in a warehouse or in transit, then other claims may need to be pursued, such as claims under an inland marine policy or warehouse policy. Though, off-site property may very well be covered in the primary commercial policy. Our attorneys have a deep understanding of these types of claims and can work with you to determine the scope of your coverage.
Equipment failure and loss
Unlike private homes and residences, most businesses typically have some form of equipment in their buildings. This can include computers, tools of the trade, machinery, and anything necessary to perform their services, such as medical devices for doctors or forklifts for construction companies. We help clients get replacement equipment or the full value of damaged equipment.
Inventory loss
Any inventory of merchandise or products that is damaged, stolen, or destroyed needs to be covered as well. Our legal team works to determine the maximum and full value of your loss of inventory to ensure you’re compensated properly.
Technology loss
Technology, including computers and computer networks, is a necessity in your business. Our Tennessee commercial insurance lawyers are ready to help clients get full payout for their hardware and software losses, as well as valuable data.
Relocation and marketing expenses
Businesses that depend on meeting with clients face-to-face, such as a medical office or a retail store, need funds to rent a new location and to inform customers, vendors, and others of the move. The company or business may need to rent supplies, tools, equipment, and machines as well until the construction at their damaged site can be fully repaired.
Companies may also purchase contingent business interruption insurance. This may cover lost revenue and profits when a party they do business with can’t operate, causing financial harm due to the inability to provide inventory or customers for the company. Other commercial insurance coverage commonly available in conjunction with property insurance includes demolition costs, Ordinance and Law coverage, civil authority coverage, utility services insurance, coverage for loss of ingress or egress, and others.
Commercial businesses should also purchase general liability insurance and workers’ compensation insurance. Some may also need to buy professional liability coverage and coverage for company automobiles. In addition, umbrella polices which are meant to fill in gaps in coverage are typically recommended.
Commercial property insurance and exclusions – what you should know
Commercial property is generally and expensive investment. For many small business owners, their property may be their biggest investment and policy coverage protects that investment. Unfortunately, exclusions in your policy may take you by surprise. When you purchase a building, you must purchase an insurance policy that fits your needs and understand what is and is not covered in that policy.
Your policy may not cover you for:
- Previously damaged areas
- Wear and tear
- Animal damage
- Electronic data breaches
- Damage to the land
It is possible to purchase additional coverage for your property, and your agent should explain clearly and carefully what types of coverage you need and what you are buying. Before you buy any commercial property insurance, you should sit down with your agent to ensure that your policy is sound.
How our professional commercial insurance lawyers can help
We understand how hard it is to run a business, even in the good times. When a catastrophe occurs, our Tennessee insurance dispute attorneys work to help you get back to business fast. We help businesses and companies across the Southeast and Midwest secure full compensation for their losses by:
- Coordinating all of your business-related insurance policies
- Dealing with all the players in the claims process – including the insurance adjusters, defense lawyers, investigators, brokers, appraisers, surveyors, contractors, engineers, consultants, architects, and others
- Presenting your claim to the insurance company
- Helping clients calculate the full value of their loss, including replacement value and replacement with the right materials
- Identifying which insurance policies apply
- Negotiating interim payments when possible, such as money for re-stocking inventory or setting up temporary locations to conduct operations
- Representing the claim before arbitrators, mediators, and courts
- Securing compensation for all relevant extra expenses
- Working with other companies involved in the loss, such as the owner of the building and/or other tenants
In one successful case, Alexander Properties Group v. Commonwealth Ins. Co., we were able to obtain a three-million-dollar award after a four-day arbitration when two apartment complexes suffered substantial loss due to a windstorm. The insurance company had originally denied the claim. Our knowledge, skill, and experience helped this client, and we’ll put our skills to good use to help your business, too.
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Get help from dedicated attorneys when your commercial business suffers property damage
McWherter Scott & Bobbitt fights for any type of company needing assistance with insurance disputes and other matters. We help commercial businesses secure all applicable insurance proceeds. We fight to hold insurance companies accountable for the proceeds they agreed to pay in your policy. To discuss your rights and the insurance process after damage has occurred, please call 731-664-1340 or fill out our contact form to schedule an appointment. Our attorneys are licensed in Tennessee, Missouri, Mississippi, Arkansas and Kentucky.